Rede terminals to support Pix payments by proximity

This update will allow payments through Rede’s terminals using NFC technology, eliminating the need to access a bank app. In essence, consumers will be able to complete Pix transactions by simply holding their mobile phones near Rede's terminals. This new method is designed to reduce transaction time from the current 36 seconds to approximately 6 seconds. 

Regarding these new developments, officials from Itaú Unibanco noted that NFC payments have gained significant traction in Brazil, with recent data showing that 57.7% of in-person transactions use this technology. They highlighted that this method provides a swift and secure transaction experience, including an added layer of protection through authentication.

Itaú Unibanco's modernisation efforts

This development is part of Itaú Unibanco's ongoing innovation strategy. The bank's recent introduction of a Superapp with enhanced features exemplifies its commitment to advancing digital experiences. The new Pix by Proximity feature also enhances security by requiring authentication through the payer’s password or biometric verification, and it shows the purchase amount on the customer’s phone before the transaction is completed. 

The technology behind this feature involves payment initiation without redirection, aligning with the Open Finance initiative promoted by the Central Bank, which focuses on standardising and refining financial processes. For retailers, receiving Pix payments offers several advantages, including immediate settlement and lower transaction fees compared to other payment methods, potentially allowing for transaction discounts. For consumers, Pix simplifies financial transactions, particularly for those without credit cards, by providing a more convenient contactless payment option.